NEWS LETTER July 2021 Market Update Lawrence Yun, chief economist for the Realtors association, stated “Lack of inventory continues to
JULY 2021 FEATURED LISTINGS $450,000
$1,215,000
be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.” We were seeing some of this in the early spring months, but in the last two weeks, more homes have come on the market helping a few prepared buyers get a home under contract. Inventory is
15801 IH 27
3 Sheffield
Rock Ranch . 10.5 acres, 2 shops, mobile home.
4 Bed | 3 Bath | 3 Car Garage. 3,276 SF. Shop
still low, and this is not helped by the construction material shortages. I recently spoke with Thomas Eavenson, of BBR Homes, LLC. Thomas said that
$500,000
$395,000
the windows he ordered are taking 12 weeks instead of the normal 6 weeks to be delivered. Another builder said that well permits are reportedly 3 months out. Some buyers are simply holding off for the market to stabilize, hoping that interest rates don’t increase too much. The influx of buyers from higher priced markets are also helping to inflate prices. Just this year, I have helped buyers from
6127 & 6129 Belpree
2410 Teckla
6 Bed |4 Bath | 4 Car Garage. 3,564 SF. Duplex
5 Bed | 4 Bath | 3 Car Garage. 4,306 SF. Pool.
$430,000
$430,000
California, Idaho, Iowa, and Washington purchase homes. Amarillo’s comparatively low cost of living is a huge attraction for them, along with short commute times, good medical facilities and low humidity. If you are curious about how much your home might bring on today’s market, give me a call. This
14250 Maple Fields
4605 Aberdeen
3 Bed | 2 Bath | 2 Car Garage. 2,265 Sf. Plus office
4 Bed | 3 Bath | 3 Car Garage. 3,030 SF.
seller’s market won’t last forever! Happy Independence Day!
Carrie
Carrie Ives, Cell: 806.282.4440
If you are already working with a Real Estate Agent, this is not intended to solicit business from you.
Email: carrie.ives@remax.net Web: www.remax-pro-tx.com
6/24/2021
Market Summary Report | flexmls Web
Market Summary
Amarillo Residential, May 2021 Number of Listings
800
Listings Prices
$300K $250K
600
$200K $150K
400
$100K $50K
200
M21
21 A-
1
M21
F-2
1 J-2
D20
N20
O20
S-
20
20 A-
J-2
J-2
0
0
M21
21 A-
1
0
M21
F-2
1 J-2
D20
N20
O20
20 S-
20
0
A-
J-2
J-2
0
$0
Active Median List Price New Median List Price
Active Listings
New Listings
Sold Listings
Sold Median Sale Price
Absorption Rate, in Months
3 Mo.
Sold to List Ratio
99%
2.5 Mo.
98%
2 Mo. 1.5 Mo.
97%
1 Mo.
96%
0.5 Mo.
Absorption Rate
21 M-
21 A-
21 M-
1 F-2
1 J-2
20
20
D-
N-
Price Volume
$300M $250M
100
$200M
90
$150M
80
$100M
70
$50M
60
Active List Volume Average CDOM
21 M-
21 A-
21 M-
1 F-2
1 J-2
20 D-
20 N-
O20
20 S-
0
20 A-
M21
21 A-
21 M-
1 F-2
1 J-2
20 D-
20 N-
O20
S20
20 A-
J-2 0
J-2
J-2 0
$0
50 J-2 0
20
Sale to Original List Price Ratio
Days on Market
110
O-
20 S-
20 A-
0
0
J-2
J-2
21 M-
21 A-
21 M-
1 F-2
1 J-2
20 D-
20 N-
20 O-
20 S-
A-
0 J-2
J-2
20
95%
0
0 Mo.
New List Volume
Sold Sale Volume
Carrie Ives, Cell: 806.282.4440 Email: carrie.ives@remax.net Web: www.remax-pro-tx.com
https://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=1llw24f2jx3b&s=1&id=1&san=28316&cid=1
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TBR June 2021 page 7
Multiple Offers:
Infographic: Buying a Home? 7 Reasons to Hire an Accredited Buyer's Representative (ABR®)
Questions to Consider in a Seller’s Market When homebuyers outnumber sellers, the result can be a multiple offer scenario. If you’re searching for homes in a competitive market, you’ll want to consider the dynamics of multiple offers and understand how this could impact your negotiating strategy.
Some questions to discuss with your buyer’s representative: Will I know if I’m in a multiple offer situation? Not necessarily. Typically, it works to a seller’s advantage if buyers know they are competing with one another. But a seller must give their agent permission to disclose the existence of other offers before they can share this with your buyer’s rep. How will offers be presented to the seller? The seller decides if they want to review offers individually or have a group presentation. Once presented, sellers can accept (or counter) one offer, reject all offers, or reject all offers in conjunction with a request to resubmit a “highest and best” contract. Will other buyers know the details of my offer? In states where offer terms are not confidential by law, the only way to preserve confidentiality is to ask the sellers to sign a confidentiality agreement before presenting your offer, which also applies to their agent. However, if the seller opts for a group presentation of offers, you’ll either have to withdraw your offer or revoke the confidentiality agreement.
If my offer has the highest price, can I be confident that I’ll beat other buyers? No. Sellers can accept whichever offer they consider “best,” and that may depend on other factors, like the certainty of closing (e.g., the buyer’s mortgage is already fully approved) or a preferred closing date. What are my options for writing a stronger offer? In addition to firming up your financing and adjusting your closing date, you can also eliminate contingencies, increase your earnest money deposit, offer to pay closing costs, or make other accommodations. Discuss your options with your buyer’s rep. If I don’t want to compete with other buyers, can I withdraw my offer? Yes, as long as you notify the seller that you’re revoking your offer before they’ve accepted it. Every homebuyer benefits from having their interests represented in a real estate transaction, but in a multipleoffer scenario, it’s especially critical to work with an Accredited Buyer’s Representative (ABR® ). An ABR® designee can help you understand and anticipate each step in a competitive negotiation situation and improve the likelihood of a successful outcome.
The Accredited Buyer’s Representative (ABR®) designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a subsidiary of the National Association of REALTORS® (NAR). To learn more about REBAC and access various home buyer resources, please visit abr.realtor.
Carrie Ives Broker
3601 S. Georgia Street, Suite A, Amarillo, TX 79109 806.282.4440 Return Service Requested
See inside for how to deal with multiple offers. Also, check out our website at www.remax-pro-tx.com
COMMERCIAL PROPERTIES UPDATE Happy Independence Day 4th Quarter - 2019
May 2020
May 2021 2021
YTD 2020
YTD 2021
Homes Closed 231 324 1128 1337 Pending 316 347 1335 1578 Active 781 380 2636 2270
Interest Rates 30 YR CONV 15 YR CONV 30 YR FHA 3.25% 2.50% 2.63%
30 YR VA 2.625% 2.625%